Developing private sector to drive growth

Politburo Resolution No. 68-NQ/TW, dated May 4, 2025, identifies the private sector as one of the most important driving forces of the national economy. In the new development period, as Vietnam pursues high, long-term growth targets, the private sector is playing an increasingly important role in helping strengthen the country's strategic autonomy.

A Dong Nai private enterprise displays its products at a Vietnam-Japan business matching conference.

As one of the country's leading economic centers and home to a large number of enterprises, Dong Nai needs to ensure that private businesses are given the policy support needed to participate more deeply in value chains and grow in step with the scale of the local economy, amid high growth, strong capital inflows and a host of new projects across the city.

Establishing position of private sector

The private sector has undergone rapid changes over the past 40 years of renewal. From operating on a limited scale, it has grown to more than 1 million enterprises nationwide, accounting for about 96.6% of all enterprises. However, most are small and medium-sized enterprises (SMEs), with limited capacity to withstand challenges and expand production.

Notably, the biggest challenge facing enterprises is not necessarily access to capital. According to the Vietnam Private Sector Report by the Vietnam Chamber of Commerce and Industry (VCCI), the proportion of enterprises reporting difficulties in finding customers increased from 45.3% in 2024 to 60.2% in 2025. As many as 75.5% said they could not obtain loans without collateral. Therefore, what enterprises need is access to markets and orders, along with the capacity to grow and expand on their own.

Resolution No. 68-NQ/TW has changed the way the private sector is viewed by defining it as “one of the most important driving forces” of the economy. Resolution No. 198/2025/QH15, dated May 17, 2025, subsequently introduced a range of mechanisms and policies to support private enterprises.

According to Dau Anh Tuan, Deputy Secretary-General of VCCI, these developments mark a major shift in the way the private sector is viewed. The core issue now is how to transform a sector that is “large in number but not yet strong” into one with more enterprises capable of accumulating resources, expanding their scale, improving productivity and participating more deeply in value chains.

Experts say Vietnam's goal of achieving double-digit economic growth must be underpinned by the substantive growth of the business sector, with private enterprises given sufficient scope to invest, adopt new technologies, expand markets and improve productivity. Therefore, policies need to shift decisively from a mindset of providing piecemeal support to creating a transparent, stable and predictable business environment. Enterprises need easier access to capital, technology, human resources, markets and supply chains. Ultimately, the effectiveness of policies should not be measured by the number of support programs introduced, but by the number of enterprises that can grow sustainably, accumulate resources, expand their operations and adopt new technologies.

Experts also say Dong Nai needs to pay particular attention to connecting private enterprises with large corporations, foreign-invested enterprises and supply chains. For private enterprises, gradually becoming suppliers capable of meeting requirements for quality, management and technology is a practical way to build up resources and grow.

Accompanying enterprises

Over the years, Dong Nai has introduced a number of policies to support the business community. The city has issued Plan No. 54/KH-UBND, dated June 2, 2026, on supporting SMEs, private enterprises, household businesses and individual businesses during the 2026-2028 period. The plan focuses on digital transformation, training, improving management capacity, legal support, information provision, and the development of exemplary and pioneering enterprises.

Together with new policies introduced by the central government, the enterprise support system now has a stronger policy foundation for implementation. What matters going forward is not the number of dialogues held or support programs introduced, but how many enterprises gain access to capital, upgrade machinery and technology, and become suppliers to large enterprises.

At a local dialogue session of the 2026 Vietnam Private Sector Forum held in Dong Nai on August 7, participants put forward a number of recommendations on promoting the development of the private sector in the city.

Dau Anh Tuan cited research data showing that Dong Nai has a different business profile from that of many other localities. The density of operating enterprises stands at 7.75 per 1,000 people, compared with the national average of 4.46 per 1,000. The proportion of enterprises reporting profits reaches 65.7%, higher than the national rate of 60.4%.

However, gaps emerge when it comes to future growth. Only 27.5% of enterprises in Dong Nai have plans to expand, compared with 31.6% nationwide. Enterprises with research and development (R&D) departments account for just 2.1%, compared with 5% nationally. These figures warrant attention in policymaking to ensure that the private sector increasingly serves as a driver of growth.

Dang Hong Anh, Chairman of the Vietnam Young Entrepreneurs Association, said Dong Nai needs to shift from attracting investment to developing and upgrading value chains. If a major project comes to Dong Nai but domestic enterprises can provide only basic services, while most components, raw materials and technical services have to be sourced from elsewhere, the project's spillover effects on the private sector will remain limited.

According to Nguyen Van Ut, Deputy Secretary of the Dong Nai Party Committee and Chairman of the City People's Committee, maintaining an 11% growth rate is a major task. The city must focus on removing bottlenecks in public investment, site clearance, auctions of land-use rights and key infrastructure projects. Now that it has become a city and is making major investments in infrastructure, Dong Nai needs, in particular, a comprehensive, long-term investment attraction strategy. The city will introduce measures to strengthen linkages, build up the capacity of domestic enterprises, enhance the economy's self-reliance and improve the city's competitiveness.

By V.The – Translated by M.Nguyet, Thu Ha